The United States and China announced Monday an agreement to drastically reduce tit-for-tat tariffs for 90 days, an outcome President Donald Trump dubbed a "total reset" as he said talks with counterpart Xi Jinping could soon follow.

U.S. Trade Representative Jamieson Greer said the U.S. agreed to drop the 145% tax Trump imposed last month to 30%. China agreed to lower its tariff rate on U.S. goods to 10% from 125%. Greer and Treasury Secretary Scott Bessent announced the tariff reductions at a news conference in Geneva.

The U.S. and China announced today that they were temporarily reducing the triple-digit tariffs that had shaken the global economy. For the next 90 days, imports from China are set to face a minimum fee of 30 percent,